The Halifax Regional Municipality’s actual property market is booming, however it’s proving to be a troublesome yr for homebuyers.
With excessive demand from homebuyers and a low provide of obtainable properties, costs for properties within the Halifax Regional Municipality (HRM) have elevated. Earlier this week, CBC Information reported that in June, costs have been up 17 per cent from final yr whereas costs in July have been up 11 per cent.
“What has occurred over the previous couple of months, particularly over the summer season, has been positively eye-opening and positively fascinating from an information perspective,” realtor James Dwyer tells NEWS 95.7’s The Todd Veinotte Present. “What it appears to be is that we’ve been coping with the pent-up demand that we historically would have within the spring market and the summer season market mixed.
“June, July and August have simply been out of this world.”
Dwyer, a realtor for Engel & Völkers, says there are at the moment greater than 1,200 homes on the market within the HRM. Presently in 2018, there have been about 2,500 on the market; final yr there have been roughly 1,900.
On high of that, properties listed in 2018 can be in the marketplace for a median of 34 days. This yr, it’s a median of 10 days.
Dwyer says whereas there are some homes with abnormally excessive itemizing costs, the typical home lists for 5 or 10 per cent above asking value. About 71 per cent of properties have bought for above asking value.
“The fear is, in the long run,” he says, “are we going to be seeing points with that?”
Sometimes, the HRM’s actual property market is slow-growing and long run.
However this yr, the market has pushed homebuyers to new lengths.
With many homebuyers outdoors of the Atlantic bubble, individuals are shopping for properties with out even seeing them in particular person. As a substitute, they’re counting on digital excursions and plan to make use of their new properties to finish their 14-day self-isolation upon arrival.
Dwyer additionally says since house consumers need to buy cheaper properties, individuals are smaller markets together with Chester and Windsor.
“Historically, they wouldn’t. They’d be wanting extra nearer to be within the metropolis,” he says. “However in an effort to get one thing extra reasonably priced, they’re beginning to look out into these secondary markets to search out properties.”